Be careful reading stats, you have to examine closely. Seems to me there are a lot of homes in the Foothills over a half-million that are under contract for the Summer, when typically this is slowest time for real estate sales here.
Also the $600,000 – $800,000 price- range has been particularly challenging, yet there are many under contract now. I think this price-range has been really hard to sell since it typically consists of the move-up and second home buyers, and therefore, not a range representing buyers who have to buy. Many second-home buyers are on the fence due to the economy being questionable as to whether it will stay the same or get better. The typical move-up buyers are scared they might lose their jobs and they are also worried about their drop in their 401K’s value, etc., and, as a result, are staying put until the economy gets better. Another factor influencing all potential buyers in this price-range is that in order to buy they have to put 25% downpayment to obtain a jumbo loan (which represents all loans in Pima County over 417K).
There certainly are some indications that in the 500K – 1 million price- range prices have bottomed, like the lower price range that has undoubtedly bottomed during the first half of the year. The inventory in the price-range under 500K in the Tucson Foothills is declining. Those who want a good selection better not wait longer to buy. In real estate, if you want to make the best investment, always think “LOCATION, LOCATION”. The highest- ranked schools, best shopping, upscale restaurants, world-famous resorts are located in the zip codes of 85750 and 85718. Oro Valley and NE Tucson have incredible views, so if you can not afford the area that has the best investment potential, check those areas out. Some families without kids do not want to pay for the highly-rated schools and the great proximity to luxury amenities and would rather save $100,000 or more on their home. Beautiful Tucson represents many great options and there has never been a better time to buy!